Most banks don't care if the property being purchased is bank owned or not. What they care about is the buyers financial health and credit worthiness and of course the property needs to appraise for the sales price.

I am just closing a deal in Poway where my buyer offered $35,000 over what the property did appraise for. I was able to negotiate a price reduction with the seller to the appraised price, saving my buyer $35,000 in price which amounts to about saving $200 per month in payments.

If you’re having difficulty finding a lender that will lend on a foreclosure or need information on local foreclosed properties, feel free to contact me anytime

Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@saveyoucash.com

Hello,

If you are a qualified home buyer with good credit and a proper down payment, the answer is yes.

With that said, it depends on the property. Our comapny receives bank owned listings from lenders, some sell all cash and some sell with a loan. What the bank looks for is the offer "most likely to close".

You MUST HAVE a pre-qualification letter from a national leander (not a mortgage broker) to send with the offer. Lastly, be prepared to bid for the properly priced properties.

Let us know if you have any other questins.

Best to you,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate

Your question is kind of ambiguous. Do you mean that the home has already been foreclosed upon and is now owned by a financial institution (bank) and listed on the market as an REO property? If this is the case then of course you may get a mortgage, sometimes even one through the bank that owns the property. They tend to give some incentives to fill out a loan application with them. If, however, you are planning to purchase a home at auction, you best have a lot of earnest money (cashier's check) with you and have made previous arrangements with the auctioneering company for your financing. These are a bit more tricky. If this is your plan, be sure to read the online information. If you are wanting to buy the place at the courthouse steps, I am pretty sure you need cash. Good Luck!!